Financial District Neighborhood Profile

Neighborhood Indicators

Demographics

Indicator	2000	2006	2010	2019
Population
Born in New York State		38.8%	34.7%	37.2%
Disabled population			3.1%	2.9%
Foreign-born population	23.3%	25.9%	23.1%	22.6%
Population	125,567	147,198	144,944	164,514
Population aged 65+	10.5%	9.8%	11.2%	13.5%
Households
Households with children under 18 years old	11.4%	13.9%	12.7%	15.3%
Single-person households		51.4%	49.4%	48.0%
Race and Ethnicity
Percent Asian	14.5%	19.2%	14.6%	13.8%
Percent Black	3.1%	2.7%	2.4%	3.4%
Percent Hispanic	5.9%	4.9%	5.6%	11.4%
Percent white	73.6%	71.5%	73.2%	68.4%
Racial diversity index	0.43	0.45	0.44	0.50
Income and Poverty
Income diversity ratio		6.7	6.0	5.0
Median household income (2021$)	$114,280	$125,650	$123,930	$170,330
Median household income, homeowners (2021$)		$201,100	$187,190	$237,440
Median household income, renters (2021$)		$104,390	$111,910	$143,420
Poverty rate	9.9%	11.9%	9.9%	6.1%
Poverty rate, population aged 65+		23.4%	8.7%	8.7%
Poverty rate, population under 18 years old		15.3%	7.5%	3.8%
Labor Market
Labor force participation rate		75.5%	77.6%	76.6%
Population aged 25+ without a high school diploma		7.5%	5.2%	2.9%
Unemployment rate	5.78%	4.77%	6.08%	4.32%

Housing Market and Conditions

Indicator	2000	2006	2010	2019	2020	2021
Housing Stock
Homeownership rate	25.9%	29.8%	25.3%	31.6%
Housing units		81,238	89,353	95,498
Rental vacancy rate			5.0%	4.7%
Serious housing code violations (per 1,000 privately owned rental units)		1.8	1.5	4.9	2.6	2.8
Severe crowding rate (% of renter households)			3.2%	4.1%
Total housing code violations (per 1,000 privately owned rental units)		11.9	12.9	15.2	10.6	30.6
Finance - Distress
Notices of foreclosure rate (per 1,000 1-4 family and condo properties)	2.9	1.1	5.5	1.5	0.9	9.3
Notices of foreclosure, all residential properties	10	8	70	22	14	138
Notices of foreclosure, initial, 1-4 family and condo properties	8	5	49	12	7	124
Notices of foreclosure, repeat, 1-4 family and condo properties	2	3	14	9	6	13
Pre-foreclosure notice rate (per 1,000 1-4 family and condo properties)				9.8	4.6	5.4
Pre-foreclosure notices, 1-4 family and condo properties				134	66	80
Properties entering REO, 1-4 family	0	0	0
Finance - Lending
FHA/VA-backed home purchase loans (% of home purchase loans)		0.0%	0.3%	0.0%	0.0%
Higher-cost home purchase loans (% of home purchase loans)		1.8%	1.2%	0.5%	0.1%
Higher-cost refinance loans (% of refinance loans)		6.0%	0.5%	0.9%	0.3%
Home purchase loan rate (per 1,000 properties)		50.1	23.9	23.5	18.4
Home purchase loans in LMI tracts (% of home purchase loans)		3.4%	0.3%	1.0%	1.3%
Home purchase loans to LMI borrowers (% of home purchase loans)		1.3%	0.8%	0.6%	0.9%
Refinance loan rate (per 1,000 properties)		14.8	31.9	24.4	33.8
Sales - Volume
Sales volume, 1 family building	0	2	2	3	0	0
Sales volume, 2-4 family building	0	0	0	2	0	0
Sales volume, 5+ family building	3	9	11	5	0	4
Sales volume, condominium	401	1,151	842	627	490	1,214
Sales volume, all property types	404	1,162	855	637	490	1,218
Sales - Median Prices
Median sales price per unit, 1 family building (2021$)		$8,708,170	$15,542,670	$5,201,610
Median sales price per unit, 2-4 family building (2021$)				$2,022,850
Median sales price per unit, 5+ family building (2021$)		$273,030	$616,890	$965,430		$179,170
Median sales price per unit, condominium (2021$)		$984,480	$1,246,930	$2,180,470	$2,098,100	$1,867,640
Sales - Housing Price Index
Index of housing price appreciation, 1 family building	100.0		83.9
Index of housing price appreciation, 2-4 family building	100.0
Index of housing price appreciation, 5+ family building	100.0	280.7	236.5	227.0		245.0
Index of housing price appreciation, condominium	100.0	206.1	203.8	275.9	251.1	265.8
Index of housing price appreciation, all property types	100.0	206.0	203.3	274.9	250.9	265.3
Subsidized Housing
Total number of subsidized properties (properties)						38
HUD Financing or Insurance (properties)						1
HUD Financing or Insurance (units)						1,712
HUD Project-based Rental Assistance Program (properties)						2
HUD Project-based Rental Assistance Program (units)						339
Low Income Housing Tax Credit (properties)						23
Low Income Housing Tax Credit (units)						4,886
Public Housing (properties)						0
Public Housing (units)						0
Mitchell-Lama (properties)						1
Mitchell-Lama (units)						1,641
421-a Tax Exemption (properties)						25
421-a Tax Exemption (units)						5,065
420-c Tax Exemption (properties)						1
420-c Tax Exemption (units)						29
NYC Housing Production Programs and Zoning Incentives or Requirements (properties)						5
Eligible to expire from housing programs between 2022 and 2027 (properties)						4
Eligible to expire from housing programs between 2022 and 2027 (units)						2,491
Eligible to expire from housing programs between 2028 and 2037 (properties)						6
Eligible to expire from housing programs between 2028 and 2037 (units)						3,125
Eligible to expire from housing programs in 2038 and later (properties)						3
Eligible to expire from housing programs in 2038 and later (units)						519

Land Use and Development

Indicator	2000	2006	2010	2019	2020
Density
Population density (1,000 persons per square mile)		50.9	50.2	56.9
Development
Units authorized by new residential building permits	491	0	33	209	53
Units issued new certificates of occupancy	580	859	438	167	265

Neighborhood Services and Conditions

Indicator	2000	2006	2010	2019	2020	2021
Commute
Car-free commute (% of commuters)	85.9%	84.5%	88.3%	88.5%
Mean travel time to work (minutes)	24.4	26.1	24.3	26.3
Crime and Incarceration
Serious crime rate (per 1,000 residents)		43.6	17.8	18.0	14.1	16.0
Serious crime rate, property (per 1,000 residents)		38.4	15.1	15.1	10.2	11.9
Serious crime rate, violent (per 1,000 residents)		5.2	2.7	2.9	3.9	4.1
Schools
Students performing at grade level in English language arts, 4th grade				85.7%
Students performing at grade level in math, 4th grade				84.7%

Renters

Indicator	2000	2006	2010	2019	2020	2021
Median Rent
Median rent, 2- and 3-bedrooms (2021$)			$2,670	$2,920
Median rent, all (2021$)	$1,860	$2,330	$2,650	$2,930
Median rent, recent movers (2021$)			$3,010	$3,040
Median rent, studios and 1-bedrooms (2021$)			$2,440	$2,730
Affordability
Rental units affordable at 30% AMI (% of recently available units)			1.5%	4.7%
Rental units affordable at 80% AMI (% of recently available units)			10.8%	20.4%
Rental units affordable at 120% AMI (% of recently available units)			22.3%	39.7%
Rent Burden
Moderately rent-burdened households		20.6%	20.3%	20.8%
Moderately rent-burdened households, low income			21.7%	24.1%
Moderately rent-burdened households, moderate income			36.5%	49.1%
Severely rent-burdened households	19.3%		22.0%	16.6%
Severely rent-burdened households, low income			60.2%	56.9%
Severely rent-burdened households, moderate income			28.0%	14.5%
Rental Subsidy
Housing choice vouchers (% of occupied, privately owned rental units)			1.0%	0.6%	0.6%
Public housing (% of rental units)						0.0%

DEMOGRAPHICS

In 2019, there were an estimated 164,514 people in Financial District, of which 13.8% of the population identified as Asian, 3.4% identified as Black, 11.4% identified as Hispanic, and 68.4% identified as white.

Graph showing the racial and ethnic composition of Financial District in both 2000 and 2015-2019.

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In 2019, the household income group with the largest share (36.7%) of households was $100,001 - $250,000. In 2000, the same household income group had the largest share as well, with a slightly lower share of 34.0%.

Graph showing the distribution of household income in Financial District in both 2000 and 2015-2019.

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Median household income in 2019 was $170,330, about 134% more than citywide median household income ($72,930). The poverty rate in Financial District was 6.1% in 2019 compared to 16.0% citywide.

The poverty rate in Financial District was 6.1% in 2019 compared to 16.0% citywide.

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The rent distribution shows the share of apartments by their size (according to the number of bedrooms), and then for each apartment size in the community district, the share of apartments according to their monthly gross rent. This distribution compares 5-year ACS figures from 2010 to 5-year ACS figures from 2019. This is a new figure made for the 2021 State of the City report.

Graph showing the distribution of rents in Financial District in both 2010 and 2015-2019.

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HOUSING

Renters

Real median gross rent in Financial District increased from $2,330 in 2006 to $2,930 in 2019. In 2019, 16.6% of renter households in Financial District were severely rent burdened (spent more than 50% of household income on rent). 20.4% of the rental units were affordable at 80% Area Median Income, 10 percentage points higher than the share in 2010. None of rental units were public housing rental units, as of 2021. The overall rental vacancy rate in Financial District was 4.7% in 2019.

Real median gross rent in Financial District increased from $2,400 in 2007 to $2,930 in 2019.

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None of the rental units in Financial District are public housing rental units in 2021.

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Homeowners

In 2019, the homeownership rate in Financial District was 31.6%, lower than the citywide share of 31.9%. The homeownership rate in the neighborhood has increased by 6.3 percentage points since 2010. In 2020, the home purchase loan rate was 18.4 per 1,000 properties (owner-occupied 1-4 family buildings, condominiums, or cooperative apartments) and the refinance loan rate was 33.8 per 1,000 properties in the neighborhood. Out of all the first-time home purchase loans and refinance loans in Financial District, 0.1% and 0.3% were high cost loans, respectively. 138 properties had a filing of mortgage foreclosure in Financial District in 2021. There were 9.3 mortgage foreclosure actions initiated per 1,000 1-4 family properties and condominium units.

There were 9.3 mortgage foreclosure notices per 1,000 1-4 family properties and condominium units in Financial District in 2021

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Development

Department of Buildings issued new certificates of occupancy to 265 residential units in new buildings in Financial District in 2020, 98 more than the number of units certified in 2019.

Department of Buildings issued new certificates of occupancy to 265 residential units in new buildings in Financial District last year, 98 more than the number of units certified in 2019.

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Over the last decade, 3,559 units in 4+ unit buildings were built in Financial District. 90% were market rate, compared to 10% low-income. We use data from a variety of sources to count the number of income-restricted units targeted to households earning between 80% and 165% of AMI. However, due to restricted availability of granular data our calculations of income-restricted units should be read as conservative estimates. Read more about our methdology in the technical appendix of the 2021 Focus Report.

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NEIGHBORHOOD SERVICES AND CONDITIONS

The serious crime rate was 16.0 serious crimes per 1,000 residents in 2021, compared to 12.2 serious crimes per 1,000 residents citywide.

The serious crime rate was 16.0 serious crimes per 1,000 residents in 2021, compared to 12.2 serious crimes per 1,000 residents citywide.

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Data Notes: Community districts MN01 and MN02 both fall within sub-borough area 301. Data reported at the sub-borough level are identical. See CoreData User Guide for more information about indicator definitions and methods.

Indicators: The rental vacancy rate, severe crowding rate, and the severely rent-burdened households indicators use five-year American Community Survey (ACS) estimates. Data under the 2010 heading comes from the 2006 – 2010 ACS and data under the 2019 heading comes from the 2015 – 2019 ACS.

Rankings: We report rankings out of all neighborhoods for which the indicator can be calculated. Rankings are listed for community districts, though some indicators are reported at the sub-borough area level.